Istanbul Financial Center Inc. (IFC Inc.) is a wholly owned subsidiary of the Türkiye Wealth Fund and, by law, is responsible for the leasing, management, and operation of the financial center.
In accordance with Law No. 7412 published in the Official Gazette on 28 June 2022 and the “Istanbul Financial Center Regulation” enacted on 6 July 2023, the core duties assigned to IFC Inc. are outlined in Chapter Two as follows:
- Taking the necessary measures and decisions to ensure the functioning of IFC in line with its establishment objectives
- Providing services in response to allocation and requests of entities operating within office and non-office areas
- Managing and operating all infrastructure, superstructure, real estate assets, and common areas, including their maintenance and requirements
- Managing leasing processes within IFC
- Monitoring renovation projects, building maintenance, repairs, upgrades, and reinforcements to ensure project integrity
- Conducting training activities to support the financial sector’s need for qualified personnel
- Taking measures to ensure effective revenue collection
Full details of these responsibilities are provided in Article 5, Chapter Two of the IFC Regulation.
Regulation TextParticipants operating within IFC are subject to the judicial system of the Republic of Türkiye and the Constitution of the Republic of Türkiye. There is no separate financial center court established within IFC. In the event of legal disputes, the applicable judicial path depends on the agreement between the parties, the nature of the dispute, and relevant legislation. Parties may rely on the existing Turkish judicial system as well as alternative dispute resolution mechanisms.
In disputes between commercial actors in Türkiye or internationally — including those arising from commercial contracts, international investments, or financial transactions — parties may apply to arbitration institutions designated by mutual agreement. Major arbitration institutions operating in Türkiye include:
- Istanbul Arbitration Centre (ISTAC)
- Istanbul Chamber of Commerce Arbitration and Mediation Center (ITOTAM)
- Arbitration Centre of the Organisation of Islamic Cooperation (ISTA)
Parties are not limited to these institutions and may choose any arbitration body they deem appropriate. Arbitration proceedings conducted at these centers are carried out in accordance with rules aligned with the Turkish International Arbitration Law.
Where disputes fall outside the scope of arbitration (such as criminal matters relating to public order, bankruptcy, or concordat proceedings), or where arbitration is not selected by the parties, jurisdiction rests with courts under the Ministry of Justice. To ensure more efficient and specialized resolution of financial disputes, the Council of Judges and Prosecutors defined the concept of “financial cases” through its decision dated 25 November 2021 and designated specific commercial courts to hear such matters. In Istanbul, the 6th, 7th, 8th, and 9th Commercial Courts of First Instance, and on the Anatolian side the 6th and 7th Commercial Courts of First Instance, are authorized to handle these cases.
Additionally, under the IFC Law’s “Common Provisions”, participants may freely choose governing law in contracts between themselves.
Individuals and legal entities wishing to operate within IFC office areas — including branches, liaison offices, partnerships, regional treasury and financial management centers, and sovereign wealth funds — are referred to as participants.
Both domestic and foreign institutions, financial or non-financial, may apply without sector or activity restrictions.
Note: Foreign companies must first register a legal entity in Türkiye in accordance with the Turkish Commercial Code before applying for a participant certificate. Registration can be completed through the IFC One Stop Bureau.
The Participant Certificate is an official document granting the holder access to designated independent office units and shared facilities. Its issuance, suspension, and cancellation procedures are governed by regulation.
It is required for operating within IFC office areas and for benefiting from exemptions, incentives, and facilitative provisions under the IFC Law and related legislation.
Eligibility for incentives outlined in Law No. 7412 depends on the type of activities conducted by participants. Not all activities qualify for the same incentives.
Applications are submitted electronically via the IFC website. The process consists of:
- Registration
- Completing the application form
- Uploading required documentation
- Finalizing office leasing
Upon fulfilling all requirements and receiving approval, IFC Inc. issues the Participant Certificate.
Required documentation may vary depending on activity type but typically includes:
- Establishment License
- Operating License
- Branch Opening Permit
- Representative Office Permit
- Public Oversight Authority Permit
- Banking Regulation Authority Permit
- Capital Markets Authority Authorization
After completing application steps through the IFC website, the applicant contacts IFC Inc. Leasing Department. Leasing terms are discussed and entered into the system.
Once agreement is reached:
- Lease contract is signed
- Architectural and engineering works begin
- Construction and fit-out processes are completed
- Compliance with technical specifications is required
Preparatory work is ongoing regarding pre-leasing demand for Ready to Move Office solutions.
There is no office purchase model within IFC. Office spaces are allocated exclusively through leasing to participants.
Incentives provided to participants within IFC can be categorized into five groups:
- Tax exemption on financial activity fees
- Personal income tax exemption for employees
- Tax reductions and exemptions related to financial service exports
- Tax reductions related to international (transit) trade
- Stamp duty and fee exemptions on office lease agreements
Participants are categorized into three groups based on their activities:
- Financial institutions
- Regional treasury and financial management centers
- Non-financial institutions
Eligibility depends on meeting relevant conditions. Incentive access can be summarized as:
| Incentive Type | Financial Institutions | Regional Treasury Centers | Non-Financial Institutions |
|---|---|---|---|
| Tax exemption on financial activity fees | ✓ | ✓ | ✗ |
| Employee income tax exemption | ✓ | ✓ | ✗ |
| Financial service export incentives | ✓ | ✓ | ✗ |
| Transit trade tax reduction | ✗ | ✗ | ✓ |
| Lease stamp duty exemption | ✓ | ✓ | ✓ |
Financial institutions refer to legal entities engaged in financial activities, including their branches, liaison offices, representative offices, and sovereign wealth funds.
Financial activities refer to the activities, services, and transactions defined under the relevant Turkish legislation, including but not limited to the following laws:
- Law No. 1567 on the Protection of the Value of Turkish Currency
- Law No. 4632 on the Individual Pension Savings and Investment System
- Law No. 5411 (Banking Law)
- Law No. 5464 on Bank Cards and Credit Cards
- Law No. 5684 (Insurance Law)
- Law No. 6361 on Financial Leasing, Factoring, Financing, and Savings Financing Companies
- Law No. 6362 (Capital Markets Law)
- Law No. 6493 on Payment and Securities Settlement Systems, Payment Services, and Electronic Money Institutions
Activities falling within the scope of these legislative frameworks are considered financial activities under the IFC regime.
Financial service export refers to financial services provided by institutions to individuals or entities resident abroad, where the benefit of the service is ultimately realized abroad.
To qualify as export:
- Service must be delivered to non-resident entities
- Benefit must occur outside Türkiye
- Service must originate from foreign-source income
A regional treasury and financial management center may be defined as a financial company or organizational unit established to centrally manage the financial operations of a company operating across a defined geographic region. Such centers carry out part or all of various financial functions — including cash management, risk management, treasury activities, credit and debt management — and serve as the point where strategic financial decisions are made.
In order to benefit from the tax advantages envisaged for regional treasury and financial management centers, the relevant participants must actively operate in at least three countries and submit tax declarations in Türkiye for the income they generate.
Various operational advantages and flexibilities to be offered to participants at IFC include the following:
- Keeping Books in Foreign Currency: Without prejudice to applicable legislation, participants are provided with the opportunity to use foreign currency when maintaining their accounting records and preparing documents (subject to regulation under the authority of the Ministry of Treasury and Finance). In accordance with General Communiqué No. 569 of the Tax Procedure Law, institutions operating within IFC may keep their accounting records, starting from the 2025 fiscal period (or from the fiscal period beginning in 2025 for those assigned a special accounting period), in any foreign currency for which the exchange rate is announced daily by the Central Bank of the Republic of Türkiye (CBRT).
Tebliğ Metni - Freedom to Choose Governing Law: Within the scope of activities carried out among participants in IFC, and provided that it does not conflict with the legislation applicable to their activities, participants may freely choose the governing law in all types of private law transactions and contracts.
- Employment of Foreign Personnel: Participants may employ foreign nationals under exceptional work permits to be granted by the Ministry of Labour and Social Security. Within the framework of the Work Permit Evaluation Criteria of the Ministry, the requirement that “for each foreign employee to be employed, at least five Turkish citizens must be employed at the workplace operating under balance sheet accounting principles” shall not apply.
- One Stop Bureau: A One Stop Bureau, in which relevant units of public institutions and organizations will operate, will be established within IFC in order to enable participants to submit applications and accelerate related administrative processes.
It is a bureau in which relevant units of public institutions and organizations operate in order to enable the submission of applications related to permits, licenses, authorizations, and similar approvals required for participants’ activities, as well as applications concerning permits and approvals for their employees and dependents, and to accelerate the processing of such applications.
Through the One Stop Bureau, domestic and foreign participants located within IFC will be able to complete procedures such as company registration, tax transactions, social security procedures, residence permits, work permits, workplace opening and operating licenses, and employment processes through a single service point. All services provided through the One Stop Bureau are free of charge, except for statutory fees, charges, and other financial obligations prescribed by the relevant legislation.
IFC is accessible from the European side via the Fatih Sultan Mehmet Bridge and from residential areas on the Anatolian side through connections to the D100 highway.
The 13 km M12 metro line, with a daily capacity of approximately 44,000 passengers, provides connections to major transportation networks including Marmaray, the Sabiha Gökçen–Kadıköy line (M4), and the Üsküdar–Çekmeköy line (M5). The metro operates 18 hours daily with up to 15 services per hour and provides direct access to the premises through four entry points.
IFC also offers direct connection to the Eurasia Tunnel via the Acıbadem Ünalan junction, enabling fast intercontinental transit.
Approximate travel times:
- Istanbul Airport — 45 minutes
- Sabiha Gökçen Airport — 35 minutes
- 15 July Martyrs Bridge — 15 minutes
- Fatih Sultan Mehmet Bridge — 10 minutes
- Yavuz Sultan Selim Bridge — 35 minutes
The Istanbul Financial Center has been constructed in compliance with Türkiye’s current Earthquake Regulation and ground standards. All structures built on Z2-class soil have been designed by taking into account the maximum expected ground acceleration in the region and other relevant parameters.
In addition, a comprehensive Earthquake Emergency Action Plan has been developed at IFC to mitigate potential risks during and after an earthquake. Within the structures designed in accordance with the Turkish Building Earthquake Regulation, earthquake performance assessments have also been conducted for high-rise tower buildings in accordance with the Istanbul Tall Buildings Earthquake Regulation.
Within this framework, the structural systems of all buildings within IFC have been constructed to withstand a potential earthquake that may occur in the Marmara Region.
Based on analyses carried out by considering a high-intensity earthquake level with a return period of 2,475 years (DD1), IFC buildings are assessed to have resilience sufficient to keep damage at repairable levels without collapse even in the most severe earthquakes.
The Istanbul Financial Center aims to support areas that will shape the future of finance by benefiting from global sectoral trends. In line with this objective, IFC carries out initiatives in three main platforms: Financial Technologies, Sustainable Finance, and Participation Finance. By supporting companies operating in these fields, IFC aims to achieve a competitive position in the global financial landscape and to offer innovative solutions.
The initiatives carried out by IFC in this context are as follows:
- Financial Technologies: Through the financial technology hub established within IFC, startups, large-scale financial technology companies, and investors are brought together. This hub will conduct regular knowledge-sharing activities through executive panels composed of sector experts and will support the fintech ecosystem through thought leadership activities such as press releases, reports, and sector analyses.
In addition, by hosting major global events in the fintech field, IFC aims to contribute to the development of the sector and, in cooperation with regulatory authorities, to create an environment that accelerates the scaling of fintech initiatives.
Detailed information on the Fintech Zone is available at:
Fintech Zone - Sustainable Finance: IFC continues its efforts to become a member of international sustainable finance institutions. Supporting Türkiye’s sustainability objectives, IFC aims to become a competitive regional hub in this field by bringing together companies and investors that provide financing for sustainability projects.
IFC focuses on increasing Türkiye’s global competitiveness in sustainable investment through innovative solutions such as green bonds, carbon trading, and financing models aligned with Environmental, Social, and Governance (ESG) criteria. - Participation Finance: Türkiye has significant potential in participation finance, supported by a strong banking infrastructure and well-developed participation finance models. IFC aims to lead the development of innovative products in this field by bringing together leading institutions operating in participation finance.
In particular, the expansion of participation finance practices within financial technologies and sustainable finance will enable this ecosystem to reach wider audiences. IFC aims to encourage the development of new business models for the digitalization of Islamic finance and its integration into global markets by bringing together startups, technology firms, and large-scale financial institutions operating in this field.
IFC aims to increase diversity and competitiveness within the financial sector and, in this context, seeks to incorporate companies operating across all segments of the financial industry.
Accordingly, Türkiye’s leading public banks are already located within IFC. In addition, private banks, insurance companies, and participation insurance firms are also targeted to be included within IFC in order to ensure the end-to-end integration of the financial ecosystem.
Furthermore, companies engaged in energy trading, commodities, and carbon trading — which have significant trade volumes in Türkiye and are expected to grow rapidly in the future — are planned to be incorporated into the IFC ecosystem.
Finally, within the fintech zone established under IFC, technology companies conducting R&D activities are also intended to contribute to financial innovation processes and become part of the ecosystem.
Locating in IFC provides access to Istanbul’s strategic geographic advantages:
- Reach to a population of 1.3 billion and a USD 30 trillion economy within a four-hour flight radius
- Ability to track 16 time zones within a business day
- Direct flights to 130 countries via Turkish Airlines from one of the world’s busiest airports
- Access to over 1 billion consumers through trade agreements and customs union frameworks
International Educational Institutions: In the region where IFC is located, there are more than 30 International Baccalaureate (IB) schools as well as multilingual private schools such as Koç School, ENKA Schools, Lycée Français Pierre Loti, and the Italian High School.
Global Healthcare Services: Hospitals accredited by Joint Commission International (JCI), such as Acıbadem, Memorial, and Medicana, provide services in accordance with international healthcare standards. Istanbul hosts more than 1.5 million health tourists annually and meets the healthcare needs of expatriate families through its advanced medical services.
Istanbul has a young and dynamic population and, with an average age of 33.4, is positioned as one of the youngest cities in Europe. With a workforce exceeding 6 million people, it is home to the second largest labor force population in Europe. Ranked 8th globally in talent competitiveness, Istanbul offers access to a young, large, and educated talent pool.
IFC is designed to function as a 24/7 living center that supports social life alongside working life.
- In addition to office environments offering next-generation workspaces that bring together global and diverse cultures, there is a shopping mall with approximately 350 commercial units supporting social life. The dining area of the mall has already become operational within the first phase, and the full opening is planned for the first half of 2026.
- Spread across two levels and totaling 3.3 kilometers in length, streets, avenues, and squares featuring domestic and international retail stores offer an open-air shopping experience. This length corresponds to approximately three times the length of Istiklal Street.
When considering an area within a 5–6 km radius centered around IFC — particularly encompassing the Ataşehir and Ümraniye districts — rich social amenities stand out.
- • There are more than four theater venues. Among these, DasDas (Ataşehir) stands out with theater plays and concerts, while the Mustafa Saffet Cultural Center is an important location for cultural and artistic events. Additionally, the Ümraniye Stage contributes to the artistic environment of the region by hosting performances of the Istanbul City Theatres.
- • There are more than 15 fitness centers, including popular sports chains appealing to broad audiences as well as luxury wellness-concept facilities. CrossFit studios and boutique pilates centers also offer specialized alternatives for sports enthusiasts
- • Green space opportunities are available for nearby communities, with four major parks and green areas. The Nezahat Gökyiğit Botanical Garden provides an experience immersed in nature. The Ümraniye National Garden stands out with sports and picnic areas. Barbaros Neighborhood Park (Ataşehir) is also frequently preferred by local residents.
Designed in accordance with sustainability principles, IFC has a structure incorporating climate- and environmentally friendly features such as land and water management, energy efficiency and the use of renewable energy, waste reduction, separation at source and recycling, and the promotion of low-carbon or zero-emission transportation infrastructure.
In addition to LEED-certified green buildings within IFC, there is a rooftop automation system that supports the use of renewable energy resources and enhances energy efficiency.
Approximately 0.18% (350 kW) of the campus’s electricity needs will be supplied by solar panels installed on building rooftops. In the medium term, it is planned that electricity needs will be supplied from a solar power plant with an installed capacity of 50 megawatts to be established for IFC in order to meet the campus’s energy demand through renewable resources.
Efforts have also been initiated to ensure that all electricity consumed within the center will be sourced from renewable energy.
The issuance of Türkiye’s first Green Lease Certificate based on a Construction Contract model has been completed, and as a result:
- 1,116,834 tCO₂e of carbon emissions have been prevented
- 294 tCO₂ emissions have been reduced
- 500,000 cubic meters of water savings have been achieved
Rainwater is treated and reused in landscape irrigation systems.
Prior to the development of IFC, it was known that the project site and surrounding lands were not agricultural land, forest land, or wetlands.
Within the campus, there are 180,000 square meters of green space together with 7,025 trees, and this amount of green area exceeds 10% of the total hard surface areas such as building footprints, pedestrian paths, and vehicle roads.
This area corresponds to nearly the size of 26 football fields. By selecting native and climate-adapted plant species in the project’s green areas, the ecological value of the site has been enhanced.
Green spaces within the project were planned with attention to ecological balance and arranged in accordance with urban planning principles and public benefit considerations. Elements such as parks, walking paths, and recreational areas were created to improve users’ quality of life, support a sustainable environment, and meet needs for relaxation and healthy living.